PharmaSGP (PSG) Q2 2024 earnings summary

Executive summary

• Achieved record H1 2024 revenues of €58.4 million, up 17.4% year-over-year, driven by strong international growth, especially in Italy and Austria.

• Adjusted EBITDA rose 10.2% to €16.9 million, with an adjusted EBITDA margin of 28.9%.

• Profit for the period increased 26.5% to €8.7 million, with EPS at €0.72.

• Asset-light, pan-European OTC platform enables rapid integration and expansion of brands.

• Management Board expanded with new CCO to drive international growth.

Financial highlights

• Revenues grew 17.4% to €58.4 million compared to H1 2023.

• Adjusted EBITDA reached €16.9 million (margin 28.9%), up from €15.3 million (30.9%) in H1 2023.

• Profit for the period was €8.7 million, up from €6.9 million in H1 2023.

• Operating cash flow was €6.0 million, down from €10.4 million due to increased working capital.

• Dividend of €1.36 per share resolved, totaling €16.3 million, paid in July 2024.

Outlook and guidance

• Management expects full-year 2024 revenues of €107–112 million and adjusted EBITDA of €35–38 million.

• Targeted adjusted EBITDA margin for 2024 is 32.7–33.9%.

• Confident in achieving set targets based on H1 performance and positive OTC market trends.